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UAE real estate developers have revealed projects worth more than $46 billion (AED 170 billion) in five countries over the past two months, as part of international expansions stretching from Australia to Syria, according to a report published by AGBI.
Syria has emerged as a destination for these investments, with Arada announcing in September a city near Damascus project worth about $7 billion (25.7 billion dirhams). It was followed by Eagle Hills, affiliated with Mohammed al-Abbar, in October with plans to invest up to about $16.9 billion (62 billion dirhams) in Damascus and Latakia.
According to the report, Eagle Hills and Emaar also entered a project on the waterfront in the Maldives, worth about $ 19.9 billion (73 billion dirhams), and its area is about two and a half times the area of the center of Dubai.
In October, Sobha Realty announced the purchase of land in Texas and Queensland, Australia, while entering the Saudi market with an urban community project in Riyadh worth about $3.7 billion (13.7 billion dirhams).
Ahmed al-Khushaibi, CEO of Arada Group, told AGBI that the decline in the regional market has reduced the cost of entering new markets. He explained that the company has identified Saudi Arabia, Australia and London, along with the UAE, target markets since 2017, and that the change was limited to arranging its entry.
“The biggest mistake most developers make is entering the market when it’s booming, paying higher prices.”
For its part, real estate consultancy Cavendish Maxwell said that the changes in the Dubai market are not the main reason behind the external expansion.
Ali Seddiqi, the company’s research director, told AGBI that the strong profits achieved by local developers provided them with the capital, size and confidence needed to expand.
He added that it is necessary to distinguish between the moderation of market activity and the possibility of declining confidence in its long-term prospects, pointing out that taking a more cautious approach to the introduction of new units does not necessarily mean shifting investment priorities away from Dubai.
In contrast, Aldar Properties is not looking for new markets, according to Jonathan Emery, CEO of Aldar Developments, who said that the company is not currently pursuing an active strategy for international acquisition.
He explained that its efforts in foreign markets focus on promoting the UAE and attracting international buyers, by introducing the advantages of investing in the country and the home, and answering the concerns of investors.
The international expansion could face challenges, he said, citing the Hungarian government’s announcement in February 2025 not to proceed with the Eagle Hills project, known as the “Dubai Miniature” in Budapest, which extends over an area of 85 hectares, after opposing the city’s residents.
Alabbar told the website that nine out of ten projects he puts forward, adding that each country has its own challenges, including Dubai.
Asked about the possibility of the Maldives project attracting buyers of real estate on the map away from Dubai, he said that wealthy buyers own multiple properties in destinations including Dubai, London and Singapore.
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